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Financial planner's advice: Get estate planning attorney on board

Most experienced estate planning firms do not readily beat their own drum to bear witness to their prowess in promoting their clients' estate goals, including asset preservation and distribution, tax avoidance, the assurance that health-care considerations have been duly attended to and more. We are certainly no exception.

We'll just let John J. Bowen Jr. do the talking.

Bowen seems well qualified to do just that, being a financial planner and CEO of a global consulting firm, as well as a media columnist. In a recent article he penned for Financial Planning, a newsletter that provides industry news and analysis, Bowen presents his views on what he regards as the optimal strategy for promoting clients' best wealth-related interests.

For starters, he cites what does not work for a financial planner, namely, one person trying to operate as a one-stop professional source catering to all needs. He calls that "a recipe for insufficient advice and dissatisfied clients."

What does work, he says, noting his many years of experience in his business, is assembling a team of true professionals. That absolute need is more paramount these days than ever before, Bowen asserts, because wealth protection, taxation and other matters related to estate planning are far more complex than they were years ago.

Bowen's do-this-first prescription for a financial adviser is this: Avoid entanglement in the complex arena of wealth planning and, instead, solicit help from a proven estate planning attorney.

"Seek out this professional first," says Bowen, ahead of all other specialists and advisers.

We agree, of course, given that what Bowen calls the "critical areas of concern" -- estate planning, wealth protection and legal needs -- facing most clients working with advisers are what we squarely focus on every day of the week for our clients.

It's just nice to hear other professionals voice their strong need for prompt and close input from a proven estate planning attorney.

Source: Finan cial Planning, "Expert resources: Who should be on your A-list?" John J. Bowen, Jr., March 31, 2014

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